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NAFCU lauds Senate NFIP premium hike relief
WASHINGTON, DC (March 13, 2014) —National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to today’s Senate passage of H.R. 3370, a bill to implement NAFCU-sought delays in flood insurance premium hikes. The legislation is sponsored by Rep. Michael Grimm (R-N.Y.) and passed the House 306-91 on March 4. Sens. Bob Menendez (D-N.J.) and Mary Landrieu (D-La.) were chief proponents during today’s Senate action on the bill.
“NAFCU applauds Senate leaders for taking up this bipartisan issue to reinstate grandfathered rates and remove the home sale rate increase trigger,” said Thaler. “We thank Senators Menendez and Landrieu for championing this bill, which addresses problems reported by NAFCU member credit unions over the uncertainty created by the unintended consequences of the Biggert-Waters Act. We look forward to seeing this bill signed by the president.”
The bill would amend the 2012 Biggert-Waters Flood Insurance Reform Act by:
- reinstating the grandfathering of premiums to prevent catastrophic rate increases due to Federal Emergency Management Agency (FEMA) remapping,
- remove the home sale rate increase trigger,
- provide a refund of excess premium charges already paid under Biggert-Waters,
- lower the cap on rate increases to 15 percent, and
- establish a per property rate increase limit.
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